Assume a company uses the weight-average method in its process costing. Its Work In Process T-account for the Refining Department for August is: August 1 balance Materials Direct labor Overhead August 31 balance Work in Process: Refining Department Debit Credit 62,000 310,000 72,000 181,000 Completed and transferred to Finished Goods ? The August 1 work in process Inventory consisted of 6,000 units with $49,000 in materials cost and $13,000 in conversion cost. The August 1 work in process Inventory was 100% complete with respect to materials and 40% complete with respect to conversion. During August 48,000 units were started into production. The August 31 work in process Inventory consisted of 8,000 units that were 100% with respect to materials and 60% complete with respect to conversion. The materials cost Included in the Refining Department's ending work in process Inventory is closest to: Multiple Choice $50,200. $55,200. $53,200. $57,200.